1. Create an “economic moat.” Take advantage of barriers to enter into the market, using them to dissuade competitors from challenging your market share. In some cases, an established company’s ability to manipulate hurdles to enter and compete in its market becomes an effective tool against new competition, further entrenching the business and preserving its profit potential for the foreseeable future.
Sometimes you may need to take chances to keep ahead of the pack and differentiate your business, but with big risk often comes big reward. Just remember to do your research before diving head-first into new ideas.
3. Predict future trends in your industry. A good way to do this is
to join a local professional association that offers speakers with expertise in your field and an annual conference. You will be able to get new ideas and see what others in your industry are doing.
4. Research and monitor your competitors constantly. Look for updates on their websites, get on their mailing lists, and watch for new product announcements as well as changes in pricing.